The French group Renault announced on Monday the completion of the transfer of 24% of the capital of its Formula One brand Alpine for 200 million euros in a group of funds led by Otro Capital, a specialist in sports business investments.
This investment “will allow Alpine to develop its image in Formula 1 on a global scale and in areas such as media, sponsorship, ticket sales, accommodation, commercial rights management, licensing and merchandising,” the French carmaker explained in a statement.
Otro Capital co-founder and associate, Alec Scheiner, will join Alpine’s board of directors, with This operation will cost approximately “900 million dollars”stressed the French builder.
Renault also highlighted that, last October, Otro Capital announced the arrival of “international athletes and sports investors” to its investor group, which includes RedBird Capital Partners and Maximum Effort Investments.
These include American football stars Patrick Mahomes and Travis Kelce, former Spanish footballer Juan Mata and British golfer Rory McIlroy, among others.
“The arrival of this important investor strengthens the strategic partnership between Otro and Alpine F1brings together the experience of different parts of the sports ecosystem and allows Alpine F1 to reach new fans,” highlights Renault.
The operation completed on Monday was announced by Renault and Otro Capital in June.
Source: La Verdad
I’m Rose Herman and I work as an author for Today Times Live. My expertise lies in writing about sports, a passion of mine that has been with me since childhood. As part of my job, I provide comprehensive coverage on everything from football to tennis to golf.
